BP will create a new company to manage its onshore oil and gas assets in the continental U.S., the company announced today. BP said in a statement the business will operate separately from BP at a new location in Houston. While BP will retain ownership of the business, it will have a new management team and will report its financials separately beginning next year. BP’s lower 48 onshore operations are currently overseen by its Houston-based North America Gas group.
The creation of the new business is an effort to streamline BP’s unconventional oil and gas operations. BP Upstream chief Lamar McKay said in the statement the new business will be a part of BP’s portfolio for “years to come.”
“Over the last few years, we have fundamentally reshaped our North America Gas portfolio,” McKay said. “Now it’s time to reshape the way we run the business — and we are very excited about this bold step forward.”
BP’s North America gas business has an unconventional resource base of 7.6 billion barrels of oil equivalent, with an interest in more than 21,000 wells.
Photo: BP p.l.c.
